Title 12 — Banks and Banking
Chapter 53 — Wall Street Reform and Consumer Protection
§ 5387. Directors not liable for acquiescing in appointment of receiver
Statutory text
The members of the board of directors (or body performing similar functions) of a covered financial company shall not be liable to the shareholders or creditors thereof for acquiescing in or consenting in good faith to the appointment of the Corporation as receiver for the covered financial company under section 5383 of this title.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Dodd-Frank Wall Street Reform and Consumer Protection Act
Pub. L. 111–203 title II § 207 · 124 Stat. 1376
Enacted · 12 U.S.C. § 5387
(Pub. L. 111–203, title II, § 207, July 21, 2010, 124 Stat. 1459.)
Source evidence
Code source credit
(Pub. L. 111–203, title II, § 207, July 21, 2010, 124 Stat. 1459.)Enacted provision · exact public law section
SEC. 207. DIRECTORS NOT LIABLE FOR ACQUIESCING IN APPOINTMENT OF RECEIVER. The members of the board of directors (or body performing similar functions) of a covered financial company shall not be liable to the shareholders or creditors thereof for acquiescing in or consenting in good faith to the appointment of the Corporation as receiver for the covered financial company under section 203.
1 of 1 references resolved to an enrolled provision
Statutory Notes and Related Subsidiaries
Effective Date
Section effective 1 day after , except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.